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| Pre-budget exercise | | Rather to interact with traders and industrialists | | EARLY TIMES REPORT
Jammu, Jan 12: :-The Finance Minister, Abdul Rahim Rather, plans to interact with a cross section of people connected with trade, industry, agriculture, horticulture and tourism to get feedback and valuable tips for framing the annual budget for the year 2011-2012.
Official sources said that Rather will start his pre-budget exercise shortly as the budget session of the state Legislature is to begin in Jammu next month.
The sources said that the purpose of interacting with leaders of trade, industry and the sectors of agriculture, horticulture and tourism was to enable the Finance Minister to get a feedback on the annual allocation of funds for various sectors of development. Rather will try to receive suggestions on the issues pertaining to relief in tax structure in some areas and on the need for imposing fresh taxes on items that had been left out of the tax structure during the last several years. The pre-budget exercise is also aimed at exploring the views of the concerned people regarding change in the excise and custom duties.
Since the next Assembly elections are due in 2014 the state Government could take the risk of going in for increasing taxes on various items and on different services. But the rate of hike in taxes was going to be mild in view of the fragile economic structure in the state.
Official sources said that the state needed to improve its revenue and for that it may be necessary to impose fresh taxes. However, Rather has been in favour of improving the tax collection and ensure that all the power tariff arrears were recovered from both the Government departments and from the public.
Sources said that the Finance Minister may evolve a new scheme for reducing the losses in the public sector undertakings so that the state Government had not to waste its resources by providing financial support to these public sector corporations. The Government is likely to retain the golden handshake scheme for the employees of the public sector undertakings so that annual losses were further reduced. In addition to this these corporations would be told to generate their internal resources failing which the Government may close the units.
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